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11/02/2013

Increase of CHF15bn in assets under management at Cantonal bank of Zurich

Assets under management at the Cantonal bank of Zurich (ZKB) rose to CHF14.8bn in the year 2012, at CHF191.4bn, according to statistics released on 8 February. Net inflows last year totalled CHF8.3bn, compared with CHF12.3bn in 2011. The bank has reported profits for the past year of CHF594m, down 23% year on year due to a one-time charge of CHF150m.
11/02/2013

China AMC and CSOP to list RQFII ETF in Japan

Asian Investor relays reports in Nihon Keizai Shimbun that the Chinese asset management firms China AMC and CSOP are planning to list physical replication RQFII ETF funds in Japan from 27 February, as depositary receipts. They would be the first products of their type to be listed outside Hong Kong.RQFII ETFs are ETFs which invest directly in Chinese A-class equities. The products concerned will be listed in yen, while in principle they are traded in yuan or Hong Kong dollars.
11/02/2013

FTSE offers two new series of indices

The British FTSE Group has announced the launch of two ranges of indices, the FTSE Cyclical and FTSE Defensive, with the objective of offering “contrasting degrees of sensitivity to the economic cycle, in order to improve the transparency of market dynamics.” These indices are available in real time, and may serve as the underlying for new investable products.
11/02/2013

State Street faces two lawsuits over securities lending

State Street is facing two lawsuits in the United States which argue that it claimed an “exorbitant portion” of revenues from securities lending, which resulted in “massive losses” of “hundreds of millions of dollars” for investors, Financial Times Fund Management reports. The plaintiffs are the Retirees of the Goodyear Tire and Rubber Company Health Care Trust and the Glass Dimensions Inc Profit Sharing Plan and Trust. State Street claims that the accusations are baseless, and has declared that it intends to defend itself against them.
11/02/2013

New head for Sarasin Germany

Nils Ossenbrink, COO for asset management and the products & sales division, as well as head of products for development and provision of all products from the Swiss group J. Safra Sarasin, has been appointed by the supervisory board as chairman of the board at the German affiliate Bank Sarasin AG.According to a statement from the business, the appointment is a sign of the importance of the German market to the J. Safra Sarasin group.
11/02/2013

Union Investment bets on US real estate

In an interview with the Börsen-Zeitung, managing board member Jens Wilhelm states that in the face of persistent interest on the part of investors in real estate, Union Investment is increasingly taking an interest in properties located abroad, particularly in the United States.The central asset management firm for the German co-operative banks is planning to launch real estate credit funds aimed at institutional inestors, who are currently hungry for products of this type.
11/02/2013

Changes at the top at Fidelity Germany

Until a permanent managing director for Germany and Austria can be appointed, Jon Skillman, managing director, Continental Europe, will serve as head of Fidelity for the interim, replacing Christian Wrede, who has resigned from his position after five years “to take on other professional challenges,” Fonds Professionell reports. Meanwhile, Claude Hellers becomes head of distribution for Germany. Hellers, who has 15 years of experience at Fidelity, most recently served as head of distribution for Benelux.
11/02/2013

Changes at the top at Fidelity Germany

Until a permanent managing director for Germany and Austria can be appointed, Jon Skillman, managing director, Continental Europe, will serve as head of Fidelity for the interim, replacing Christian Wrede, who has resigned from his position after five years “to take on other professional challenges,” Fonds Professionell reports.Meanwhile, Claude Hellers becomes head of distribution for Germany. Hellers, who has 15 years of experience at Fidelity, most recently served as head of distribution for Benelux.
11/02/2013

IOSCO launches consultation on protection of client assets

The International Organisatino of Securities Commissions (IOSCO) on 8 February published a consultation document, which proposes a series of recommendations to protect client assets. The principles proposed by IOSCO include a number of means for regulators to improve supervision of intermediaries who hold assets for clients, clarifying the roles of intermediaries and the regulator in the protection of these assets. The consultation will remain open until 25 March.
11/02/2013

Credit Suisse appoints vice chairman of AM for Asia

Credit Suisse has appointed Neil Harvey as its vice chairman for the asset management unit in the Asia-Pacific region, Asian Investor reports. He remains as co-CEO for Greater China and CEO for Hong Kong. The appointment was announced internally on 8 February.
11/02/2013

Asian hedge funds attract investors

The Asian hedge fund sector finished the year 2012 very well, with 7.5% growth in capital invested, according to estimates published in the HFR Asian Hedge Fund Industry Report. Assets invested in the Asian sector totalled USD88.25bn, their highest level since 2007. Assets under management increased by USd3.9bn in fourth quarter 2012, due to net inflows of USD1.17bn, which were concentrated on emerging Asia. The HFRX China index posted returns of 8% in fourth quarter, and 9.4% for the year as a whole. The HFRX India index, for its part, gained 4.3% in fourth quarter, and 27.6% over the year as a whole. The total number of Asian hedge funds rose 5.3% in 2012, to 1,150, nearly one third of which (31.7%) were domiciled in China. Hedge funds based in Japan and India also increased, while the population of funds based in Singapore and Australia declined.
11/02/2013

Spanish funds post net inflows in January

Assets in Spanish funds as of 31 January totalled EUR129.210bn, according to VDOS, compared with EUR126.805bn at the end of December. EUR1.0463bn of the 1.9%, or EUR2.4048bn, increase was due to net subscriptions, while EUR1.3585bn were due to market effects.At the major asset management firms, Santander posted an increase of 1.28% in one month to its assets under management, to EUR21.4124bn, due in part to EUR87.6m in net subscriptions, while BBVA posted an increase of 0.8% to its assets, to EUR19.3146bn, but with net outflows of nearly EUR7.6m. At CaixaBank, volume increased 2.4% compared with the end of December, to EUR17.5593bn, with EUR211.9m in net inflows.
11/02/2013

Henderson wins mandate

The board of the SVM Global Investment trust has awarded a management mandate to Henderson Global Investors, Investment Week reports.The portfolio, which had hitherto been managed by SVN Asset Management, will be taken over by Ian Barrass, head of private equity funds of funds at Henderson, and Paul Craig, a member of the multi-management team.
11/02/2013

F&C to suppress Thames River name

F&C Investments is planning to discontinue the Thames River brand name, and rename each Thames River fund as F&C, Fundweb reports. The changes will take place on about 6 April. They will affect 20 funds.
11/02/2013

Weinstein and Reservoir support a new hedge fund

Boaz Weinstein, former owners’ equity trader at Deutshe Bank, and Reservoir Capital, the alternative asset management firm led by Dan Stern, are supporting a new hedge fund firm specialised in credit entitled Camares Capital, Financial News reports. The firm was founded by a former protégé of Weinstein.
11/02/2013

M&G, SLI and BNY Mellon lead subscriptions for 2012

According to the most recent Pridham Report from Fundscape, relayed by Investment Week, the top three asset management firms by retail net subscriptions last year on the British market were M&G (GBP2.6376bn), followed by Standard Life Investments (SLI, with GBP2.5351bn) and BNY Mellon, with GBP2.038bn. BlackRock and Threadneedle take fourth and fifth place, respectively, with GBP1.9692bn and GBP1.5694bn. Axa IM is in ninth place, with GBP1.0426bn.
11/02/2013

Eurex lance un nouveau contrat sur la dette française

Eurex récidive. La Bourse des dérivés allemande a annoncé lundi le lancement d’un deuxième contrat future sur la dette française, sur le point à 5 ans de la courbe, basé sur les OAT de maturité résiduelle 4,5 à 5,5 ans. Les premiers contrats, d’une valeur notionnelle de 100.000 euros et de coupon 6%, seront traités le 11 mars. Banca IMI, Morgan Stanley et Natixis en seront les principaux teneurs de marché. En avril 2012, le lancement du premier contrat d’Eurex sur l’OAT 10 ans en pleine campagne présidentielle avait suscité une polémique autour d’une supposée «spéculation» sur la dette française. Depuis, 5 millions de futures ont été traités et les positions ouvertes sont de 200.000 contrats.
Première cotation du FOAT en avril 2012. photo: Eric Tschaen/REA
11/02/2013

Plan de sauvetage drastique en vue pour Chypre

Les créanciers privés devraient subir une énorme décote dans le cadre d’un plan de sauvetage envisagé pour le pays, selon le journal qui cite un memorandum rédigé dans le cadre de la réunion de l’Eurogroupe aujourd’hui. Ce plan permettrait de réduire la dette du pays de 140% du PIB actuellement à 77%, et de réduire la taille du sauvetage européen de 16,7 milliards d’euros à 5,5 milliards.
11/02/2013

Le marché des changes investi par les particuliers

L’autorité américaine de régulation des marchés à terme prévoit d’interdire dès mercredi l’utilisation de la carte de crédit des consommateurs américains comme source d’endettement pour investir sur le marché des changes, selon le journal. Les particuliers réalisent des transactions quotidiennes de 380 milliards de dollars sur ce marché, soit 10% des volumes mondiaux, selon le cabinet Aite Group.

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